I have finally found a house that I like and I went to apply for a loan yesterday however because I changed jobs two weeks ago I was told I would need to wait. I work at a marketing agency as a Marketing Executive. As marketing people tend to move jobs a bit and I was told this can be an issue when applying for a loan.

Now I have found one I like and can afford to pay for it I’m able to get a loan because I have started a new job. I want to borrow 95% of the property, which the agents are quoting $450,000.

Lenders prefer borrowers who have stable employment who have been working in the same place for a long time. For people with new jobs, they will usually require you to be in the same position for the last 6 to 12 months if you want to borrow more than 80% of the property value. If you have been working for less than 12 months you may not be able to borrow more.

As you mentioned that you just changed jobs, one of our lenders allows you a 95% home loan if you have been working in the same industry or role before this.

In some cases, we can even assist borrowers who have been working for one month. However, please note that this is only possible if you have a clear credit history and a strong financial position.

Not all lenders require that you be in your job for more than a year. In fact, many lenders understand that younger generations are in high demand, are highly skilled and are career opportunists that actively change jobs to seek a higher salary or better working conditions.

Please enquire online or call one of our mortgage brokers on 1300 889 743 to find out which lenders can help you.

You can get home loans on probation although borrowers on probation will appear as high-risk applicants to lenders.

However, lenders have different policies and approaches to the amount of risk they are willing to take. If you have more than two years in the same industry then the lenders will consider it as your strength.

Regarding the interest rates, in most cases, you’ll pay the same interest rate on your loan as somebody who has finished their probationary period. In other words, the interest rate of your mortgage isn’t affected. Also, a professional package and basic loan discounts are available.

Please enquire online or call us on 1300 889 743 to speak to a mortgage broker who specialises in finding home loans for people who are on probation.